General Information

Quick Facts:

Judicial Foreclosure Available: Yes
Non-Judicial Foreclosure Available: Yes
Primary Security Instruments: Deed of Trust, Mortgage
Timeline: Typically 90 days
Right of Redemption: Yes
Deficiency Judgments Allowed: Yes

In Georgia, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

A foreclosure home generally sells in 90 days or less, as they are generally priced below market and appraisal. It is not unlikely to have multiple offers so you don’t want to "low ball" when you make an offer or your offer might not ever be considered. You may lose the property to someone else without having a chance for a counter-offer. Besides, they are generally priced right to begin with.

ALTERNATIVES TO FORECLOSURES

So, your house is in forclosure…Now what? You are not alone. Causes of mortgage defaults may include poor money management, over extended financial obligations, loss of income, loss of employment, divorce, long term illness, poor financial management or apathy toward financial obligations. Try to look at the situation without attaching your emotions. From a strictly business viewpoint, you can more successfully analyze which option might best suit your needs and desires and move toward resolving your financial difficulty. One very important thing to remember: Time is of the essence, so take quick action in order to allow your self enough time to complete the chosen process.